NextVPU, a China-based computer vision technology producer backed by safety product manufacturer Cethik, has closed RMB300m ($42.3m) in series B funding from unnamed investors, Xindongxi reported on Monday.
Founded in 2016, NextVPU has developed semiconductor technology for use in computer vision and artificial intelligence applications.
The company is also developing standalone products, including AngelEye (pictured), a smart glasses product that helps the visually impaired that with object detection, for which the company has already completed a crowdfunding campaign on Indiegogo.
The series B funding comes ahead of the launch of a new generation of chips intended to power products in areas such as smart homes and security. The capital will also be used to double down on research and development efforts and expand NextVPU’s product range.
NextVPU has now completed at least five funding rounds, according to Xindongxi. It raised $28.7m in a late 2018 series A round featuring Cethik, which operates as a subsidiary of electronics manufacturer China Electronics Technology.
Venture capital firm Frees Fund had supplied an undisclosed amount of funding for the company in 2016. Its shareholders also include clothing brand Septwolves and VC firm StarVC, according to Equal Ocean, which did not provide details of their investments.
Image courtesy of NextVPU.
